Tungsten Share Discussion Threads

[chemistdude] 14/12/2016 12:00

Anyone struggling to replay try this alternative access code: 4705292#

[edwardt] 14/12/2016 11:57

keyno - my take is that they have sharpened the pencil on revenue split with insight. This is good news but means little whilst revenue from this area is so poor.

the other aspect is that insight will only provide terms against investment grade clients from memory.hence they need other partners who are prepared to go further up the risk spectrum. this should be good news longer term as it will enable tungsten to bespoke offerings across the risk spectrum.

[andrewdbl] 14/12/2016 11:25

What Manics said, but I need to listen to the call again.

DW looks at the numbers and sees them not going wrong (which is as good as it gets)

I gained the sense that RH was hoping to formally announce some of the new shiny things on the call but could not.

[keyno] 14/12/2016 11:00

"including enhanced revenue share from revised agreement with external funding partner": did we already know about this? I assume so as no relevant comments from the more informed regulars on this board. If somebody here would care to enlighten me about it I'd be most grateful.

[manics] 14/12/2016 09:56

I was looking to the sky praying for the operator to say: "we have a question from Edi Truell..."

[manics] 14/12/2016 09:55

His tone was certainly a little glum at the beginning. Seemed to pick up as the coffee kicked in perhaps...

David I thought came across well, but then he has recent skin in the game!

[edwardt] 14/12/2016 09:53

best question old boy! think rick sounded a bit downbeat to me. however a far better balance on the call: 'repair and grow' almost seems believable now...

[chemistdude] 14/12/2016 09:48

India Q is mine.

[andrewdbl] 14/12/2016 08:05

RNS. Headlines:

Financial Highlights

· Revenue up 20% at £15.5 million (H1-FY16: £13.0 million); up 11% at constant exchange rates
· EBITDA(1) loss decreased by £1.9 million to £6.3 million (H1-FY16: £8.2 million loss)
· Statutory loss after tax £4.5 million, a £15.5 million improvement over H1-FY16
· Net cash and cash equivalents ended at £2.6 million (30 April 2016: £9.3 million). Reported cash excludes £23.5 million cash and invoice receivables in Tungsten Bank, which is held for sale
· Completion of Tungsten Bank sale for total of approximately £30 million scheduled for 21 December 2016

Operational Highlights

· 17 existing Tungsten Network Buyers renewed contracts with weighted average price lift of 40%
· 4 new Buyers signed for signed contract value of £1.1 million; 178 total Buyers at 31 October 2016
· 10,000 net new Suppliers added to Tungsten Network to bring total Suppliers to 213,000 at 31 October 2016
· 560 new Integrated Solution Suppliers signed for contracted revenue of £1.5 million, and a further 11,700 Web Form Suppliers added
· Total Tungsten Network invoice volumes increased 6.3% to 8.4 million (H1-FY16: 7.9 million)
· Tungsten financed Supplier invoices worth a total £60.1 million (H1-FY16: £43.2 million) for an average duration of 38 days at an average gross yield of 6.7% (H1-FY16: 6.2%)
· Secured gross annualised procurement and spend management savings of £1.5 million
· Launched first adjacent product, a currency conversion partnership with Payoneer

Subsequent Events

In the five weeks since the period-end, the following notable events have occurred:

· Two additional new Buyers signed
· 10 further Buyer renewals, increasing the weighted average price lift for FY17-to-date renewals to 47%
· Two sales of our new Invoice Data Capture product for signed contract value of £0.2 million
· Tungsten Network Finance restarted with strengthened financing offer
· £3.95 million in total cash now received in part payment for sale of Tungsten Bank

Outlook

· On track to deliver:
o Revenue of at least £30 million for FY17;
o EBITDA loss (now excluding the discontinued operations of Tungsten Bank) of less than £13 million for FY17; and
o Net cash in excess of £20 million at 30 April 2017
· Remain committed to achieving monthly EBITDA breakeven during calendar 2017, with precise month dependent on the phasing of new customer and product sales
· Anticipate Early Payment financing levels to double by the end of FY17, with material increases in this revenue from FY18, including enhanced revenue share from revised agreement with external funding partner

[bs76] 14/12/2016 07:45

Stock lending marginally down in Nov. I suspect it will be up in Dec

Nov-16 6,532,870
Oct-16 6,677,456
Sep-16 6,946,364
Aug-16 8,295,062
Jul-16 10,478,220
Jun-16 10,727,493
May-16 10,598,608
Apr-16 10,045,442
Mar-16 10,820,130
Feb-16 10,811,003
Jan-16 9,132,367
Dec-15 9,739,576
Nov-15 9,630,439.23
Oct-15 10,489,609.36
Sep-15 9,685,504
Aug-15 11,129,458
Jul-15 12,026,589
Jun-15 8,104,761
May-15 9,198,262
Apr-15 9,695,587
Mar-15 8,680,110
Feb-15 9,350,366
Jan-15 8,446,668
Dec-14 6,268,143
Nov-14 3,686,883
Oct-14 4,534,569
Sep-14 3,724,597
Aug-14 3,485,299
Jul-14 3,582,700
Jun-14 3,527,632
May-14 4,186,689
Apr-14 4,692,580
Mar-14 3,684,464
Feb-14 3,759,932
Jan-14 3,048,439

[bs76] 14/12/2016 07:41

idiot on 9th Dec

hxxp://www.shareprophets.com/views/25819/the-odey-death-portfolio

"Tungsten (TUNG) has been a dreadful Odey call. As it may well run out of cash in 2017, the woes of Odey make it a compelling short."


Last dec in gold bears discussion he said 0 by summer and now moved to 2017

[bs76] 13/12/2016 22:59

1H result tomorrow morningI expect revenue to be over £15.5m. And £1.5m - £2m remaining from £9m cash in April (excluding any bank sale cash)And tungsten network breakeven. So only financing and head office cost as loss. IMO

[keyno] 10/12/2016 00:58

You are correct, dp. It is behavioural advertising. If you want to get rid go to youronlinechoices.com and "top up" regularly.

And stop using Twitter!

[dollarzpounds] 09/12/2016 11:06

I read a few newspaper articles via links on Twitter in all manner of subjects from international news to the local football team and have seen a lot of Ads for Tungsten as I scroll down the story / article lately, a distinctly higher profile than I have seen previously which can only be a good thing ! Thumbs up .Is anyone else seeing anecdotal evidence of an uplift in Tungstens marketing / presence ? ( I'm a little concerned the only reason I'm seeing these ads is because I do of course follow Tungsten on Twitter ?! )

[manics] 06/12/2016 13:04

(reminder)



2017 Interim Results
Date: 14 December 2016
Analyst presentation: 9am GMT
Dial-in Details: 020 3003 2666 / [phone] (Password: Tungsten)
Audio-cast registration link:

[manics] 04/12/2016 10:17

Short discussion on a key differentiator (compliance):

[manics] 30/11/2016 16:16

Great analogy!

I just want to see more positive buzz around Tungsten. They've grown their Twitter follower base from some 1800 a year ago to just 2200 or so now, which isn't great.

Basware 12.2k
Coupa 20.8k

We're innovative and disruptive yet not many seem interested in the message outside of our platform?

[dollarzpounds] 30/11/2016 15:31

In the US, research published on PYMNTS.com revealed that the value of funds tied up in unpaid SME invoices is $825 billions" equivalent to 5 percent of the national GDP.Forgive me but I have had a bellyful of the above quoted facts about the size of the problem it harks back to the infamous " trillions billions millions " quote of dear old Edi we KNOW the size of the prize and it just makes all the more confusing and excruciating that we can't seem to take a chunk out of this behemoth of a market? Dear Tungsten BOD , if you want to really impress me maybe start lending out more than a relative tuppence ha'penny in comparison ? Then hey , who knows the share price may start moving up , the SMEs will love us and I may not have to partake in my bi monthly rant ??!! You may think I'm being unfair and I know progress is being made but It is SOOO infuriating!! It's like being told there is the biggest oilfield ever known to man just below our feet and we have so far shaped up like we are trying to get at it with a knife and fork ! ' Ok I will sit down in a dark room now .....

[chemistdude] 28/11/2016 23:02

Introducing Tungsten Network’s enhanced SME financing


28/11/2016
By Prabhat Vira

It’s a familiar tale: a new business launches, thrives for a time, but at the critical point of expansion is unable to cover costs and achieve that big ticket contract. Across multiple industries, the same story can be heard time and time again.

It might be a stationery business that convinces a national retail chain to stock its range, only to find it can’t afford to pay for both pens and paper up front. Or, it could be a national cleaning firm that has won a new contract to provide daily visits to a well-known coffee house chain, but finds itself unable to cover wages or cleaning supplies for the first two weeks.

In both scenarios, it is highly likely that an unpaid invoice is what is holding them back: that job that was completed a few weeks ago that hasn’t yet been paid, because the agreed payment terms state three months. An invoice paid represents a vital cash injection. When a business has no access to alternative finance it leaves a business lacking in control or flexibility.

Last year research conducted by the Asset Based Finance Association (ABFA) revealed the scale of the impact of waiting on payment terms for goods/services already rendered, finding that Britain’s SMEs were owed £67.4 billion, up 36% from £49.5bn in 2011. The knock-on impact of this was reinforced in a recent inquiry conducted by the House of Commons which stated access to finance continues to be one of the main barriers faced by SMEs to investment and growth. In the US, research published on PYMNTS.com revealed that the value of funds tied up in unpaid SME invoices is $825 billion – equivalent to 5 percent of the national GDP.

The truth is, alternative finance is often the missing link between a business just surviving and positively thriving. Plugging the gap is high on our radar, which is why we’ve decided to strengthen our finance offer for thousands of businesses across the UK, with an overhaul of our Early Payment scheme for SMEs and a new product for larger businesses.

Originally launched in 2015, Tungsten Network Early Payment has been offering flexible, transparent funding to many SMEs at the touch of a button. The mechanism is simple: submit an invoice electronically via Tungsten’s digital platform, and get paid immediately rather than wait until the end of the agreed payment terms for that job.

With the latest extension to the Early Payment offer we’re enabling attractive rates to be charged alongside more transparency and flexibility, which we’re hoping will increase the number of businesses for whom we can provide finance to support their growth and stability.

In addition, we are broadening our network solutions to launch a new product that includes receivables financing and payables financing. More suited to larger businesses, it will support businesses looking to scale up their operations further.

We believe access to finance is vital for a business to thrive, especially for those SMEs across the globe that make up the backbone of the global economy. Too often these agile and able businesses are overlooked, because of the type of work they do, how long they’ve been in business or where they are located.

This is something Tungsten’s Early Payment offering seeks to address, with a finance proposition that will provide more options while being non-discriminatory based on industry. We want to match the needs of our SME clients and mirror the nimble, flexible approach demonstrated daily by so many of them. In our view, everyone should be able to access the finance they need to grow in a fuss free, no nonsense manner.

Our brand of finance is flexible, so it can be used as and when a business needs it – introducing greater flexibility and control to their day-to-day operations. As well as enabling smaller firms to grow, it also supports their counterparts; those larger businesses that rely on goods and services from their suppliers.

In our view, good business relies on the positive relationships built between buyers and suppliers. We want to ensure that next time a paint maker receives a bumper order in time for the inevitable spring bank holiday DIY rush, both manufacturer and retailer can take up the opportunity to thrive. As a business that sits at the heart of the financial supply chain, this sums up what we stand for: Tungsten Network is constantly looking to help keep cash flowing and businesses growing.

About the author
Prabhat Vira

Prabhat joined Tungsten in 2016 with responsibility for offering our clients game-changing and innovative supply chain financing alternatives that leverage our data and our technology. Prabhat brings Tungsten deep trade finance expertise and broad global business experience. He joined from HSBC, where he was Global Head of Strategic Transformation (Trade & Receivables Finance), and, earlier, Regional Head of Trade & Receivables Finance. Previously, he held leadership roles in structured finance, commodities finance and corporate banking for Royal Bank of Scotland and ABN AMRO.

[edwardt] 28/11/2016 11:00

I would have thought the payables bit is ....

[andrewdbl] 28/11/2016 10:17

Thanks CD

towards the end...

"As well as Early Payment, Tungsten is broadening its network solutions to include receivables financing and payables financing. More suited to larger businesses in the SME bracket, this will support businesses looking to scale up their operations further."

... is that new?

[bs76] 28/11/2016 09:31

thx chemist

[chemistdude] 28/11/2016 09:27

It's on like Donkey Kong!